Orchid Chem incurs Rs 72-cr loss

Orchid Chemicals and Pharmaceuticals has posted a loss of Rs 72.35 crore in the third quarter (standalone), compared to a loss of Rs 10.12 crore in the corresponding quarter last year. Standalone revenue dipped 33 per cent to Rs 313 crore. Raghavendra Rao, Chairman and Managing Director, said: “The overall performance of the company continues to witness pressure due to tight working capital levels and debt leverage. We are working on completing the transfer of our penicillin and penem business to Hospira and will see a significantly de-leveraged position from the deal proceeds leading to improved performance in the quarters to come.” In August last year, Orchid sold its penicillin and penem API business to US-based Hospira for $200 million. The company’s share price ended 0.71 per cent down at Rs 77, on the BSE on Wednesday.